Time to remit? Indian rupee drops to 21.11 vs. UAE dirham, to drop further this week

Time to remit? Indian rupee drops to 21.11 vs. UAE dirham, to drop further this week

Dubai: The Indian rupee is expected to be get weaker this week, with the currency's depreciation seen impacting the economy and various segments such as imports, mainly fuel prices, and push up inflation. Against the UAE dirham, the value of the Indian rupee was at Rs21.11 on Thursday, after hitting a record low on May 22 at Rs21.19. Check . However, expats are still expected to get between 20.95 and 21 for every UAE dirham at their exchange houses. The Indian currency has been under-pressure after global central banks started normalising policy. The rupee closed at a record low of 77.72 against the dollar on Thursday, a loss to over 6 per cent in the last one year as it gets weighed down by rising inflation, interest rates, exit of foreign investors and plunging markets. Weakness in the rupee's value against the US dollar will be automatically reflected in its exchange rate with the UAE dirham as the UAE currency is pegged to the dollar. Since the Russia-Ukraine conflict began in late February, the rupee has depreciated about 4 per cent cent while currencies in other emerging markets have depreciated 4 per cent to 7 per cent. The rupee has